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320 E Colfax Ave - Three Twenty at the Cascade 7,800 SF Retail Condo Unit Offered at $5,238,500 in South Bend, IN 46617
Investment Highlights
- The property features a patio overlooking the St. Joseph River.
- The lease has eight years of term remaining.
- The triple net lease is guaranteed by the Navarre Hospitality Group.
- Construction is beginning on a second luxury mixed-use tower nearby.
Executive Summary
Cascade Prime Steak & Seafood presents the opportunity to acquire a net-leased fine dining asset located within The Cascade development in downtown South Bend, Indiana. The property is occupied by Cascade Prime Steak & Seafood and benefits from a triple net lease guaranteed by Navarre Hospitality Group, with approximately eight years remaining in the current term, two five-year renewal options, and 2.5% annual rent increases during the base term. The lease structure places landlord responsibilities on the tenant, providing a passive ownership profile supported by an established regional hospitality operator. Positioned along the St. Joseph River, the restaurant features patio seating overlooking the riverfront and sits adjacent to cultural and entertainment destinations including the South Bend Museum of Art and Morris Performing Arts Center. The property is located approximately 1.5 miles from the University of Notre Dame, a major economic driver that contributes significant educational, employment, and visitor activity to the region. Nearby recreational amenities include Seitz Park, Burke Golf Course, Notre Dame Stadium, and other downtown attractions that support year-round visitation. The surrounding market benefits from a diverse economic base that includes higher education, healthcare, manufacturing, logistics, and technology. Memorial Hospital, the University of Notre Dame, and the downtown business district contribute to daily consumer demand in the immediate area. Demographic indicators show approximately 173,592 residents and 192,390 daytime employees and consumers within five miles of the property, supporting sustained activity in the trade area. The combination of a riverfront location, established tenant operation, contractual rent growth, and downtown South Bend positioning creates an investment opportunity supported by both local demand drivers and long-term regional economic fundamentals.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | Cap Rate | 5.25% |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit 100 | 7,800 SF | Retail | $5,238,500 ($671.60/SF) | $275,021.25 |
Unit 100
| Unit Size |
| 7,800 SF |
| Condo Use |
| Retail |
| Price |
| $5,238,500 ($671.60/SF) |
| NOI |
| $275,021.25 |
Unit 100
| Unit Size | 7,800 SF |
| Condo Use | Retail |
| Price | $5,238,500 ($671.60/SF) |
| NOI | $275,021.25 |
| Sale Type | Investment |
| Cap Rate | 5.25% |
| Description | |
| The subject is a 7,800-square-foot fine dining restaurant operating as Cascade Prime Steak & Seafood. The property features a patio overlooking the St. Joseph River and is situated within a luxury mixed-use condominium development.</li></ul> | |
| Sale Notes | |
| Unique fine dining establishment on the St. Joseph River with high reported sales, located 1.5 miles south of Notre Dame. The property features a 7,800-square-foot space with a patio overlooking the river, backed by a triple net lease guaranteed by the Navarre Hospitality Group with eight years remaining.</li></ul> |
Property Facts
| Total Building Size | 66,076 SF | Typical Floor Size | 9,439 SF |
| Property Type | Multifamily (Condo) | Year Built | 2020 |
| Property Subtype | Apartment | Lot Size | 0.55 AC |
| Building Class | B | Parking Ratio | 0.73/1,000 SF |
| Floors | 7 | Opportunity Zone |
Yes
|
| Zoning | C - Commercial | ||
| Total Building Size | 66,076 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 7 |
| Typical Floor Size | 9,439 SF |
| Year Built | 2020 |
| Lot Size | 0.55 AC |
| Parking Ratio | 0.73/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C - Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | - |
